Word from Industry
India inches closer to Natural Gas development
June 4, 2018
In order to promote the use and increase consumption of natural gas, the government is planning to launch a natural gas trading hub later this year.
Petroleum and Natural Gas Regulatory Board (PNGRB) has chosen CRISIL as the consultant for preparing the regulations for the planned Natural Gas Trading Exchange. The downstream oil and gas regulator’s chairman, D K Sarraf confirmed CRISIL’s appointment and stated that operations will begin by late 2018 or early 2019.
Dharmendra Pradhan, Oil Minster of India expressed his thoughts about the establishment of the Natural Gas Trading Hub, saying a unified rate of natural gas can be expected in the coming days.
The Oil Industry Development Board (OIDB) will join hands with PNGRB to finalize the complete regulation, operation and location of the gas exchange platform.
An inside source stated that a period of 18 weeks has been given to CRISIL to prepare its report and OIDB has partnered with KPMG, with the latter working as a consultant for location and operational functions.
According to Sarraf, “The idea is to create an ecosystem where the competing buyers would be able to buy gas from competing sellers and transport the same from gas source to the place of their requirement by getting a non-discriminatory access to the pipeline capacity. This end-to-end solution would reduce customer risk and enhance customer confidence on gas as an alternate fuel and feed,”
Source: Economic Times
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